Simon Fox is to step down as chief executive of Reach PLC, which owns the Manchester Evening News and Liverpool Echo.
Fox, who has led the national and regional newspaper group formerly known as Trinity Mirror since 2012, will be replaced by former Ladbrokes Coral boss Jim Mullen.
Under Fox, Reach’s share price has almost tripled following a series of acquisitions. Last year, Reach paid £200m to acquire Richard Desmond’s media assets including the Express and Star, as well as OK!. In 2015, the company bought Local World, a group of more than 80 regional newspapers, for £220m.
However, the launch of national newspaper the New Day ended in embarrasssment when the title was shut after two months.
“There is never an ideal time to leave an organisation, but if there were it would be now,” said Fox,who joined after resigning as chief executive of HMV. “The integration of the Express and Star has been successfully completed, digital growth is accelerating and our trading and cash position are strong.”
Mullen left Ladbrokes Coral last year following its £4bn takeover by GVC and has previously held roles including digital strategy director at News UK, owner of the Sun, the Times and the Sunday Times.
He said: “I am delighted to be joining Reach at such an exciting time and look forward to building upon its digital transformation.”
